April 24, 2024
Machine Condition Monitoring Market

Machine Condition Monitoring Market Is Expected To Driven By Need For Predictive Maintenance

Machine condition monitoring involves monitoring various operational parameters of industrial machinery and assessing the overall health of the equipment. It helps identify the potential signs of failure at an early stage and predict component degradation to enable preventive maintenance. With the increasing complexity and criticality of industrial equipment, predictive maintenance through condition monitoring has become an essential tool to avoid unplanned downtime and reduce maintenance costs. Machine condition monitoring solutions provide real-time insight into equipment performance using techniques such as vibration analysis, thermography, acoustic emission, ultrasound, and oil analysis. This helps schedule maintenance activities, replace worn parts before failure, and extend the lifespan of assets.

The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

IoT-enabled machine condition monitoring systems are gaining traction as they provide a seamless integration of equipment health data and operational insights. IoT sensors deployed on machines capture performance metrics, detect anomalies, and transmit information to cloud platforms for analysis. This enables remote visibility of asset condition from any location via mobile apps or web interfaces. Leveraging big data analytics tools, equipment history can be evaluated to predict future faults and schedule maintenance accordingly. The IoT infrastructure also supports over-the-air software and firmware updates of on-machine gateway devices and sensors. This brings about enhanced flexibility, scalability, and more personalized predictive maintenance approaches through continuous remote asset performance optimization.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the machine condition monitoring market is moderate due to heavy investments in R&D and distribution channels required.

Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitute products from various manufacturers.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as major raw material suppliers have a strong grip over their materials.

Threat of new substitutes: The threat of new substitutes is moderate as the machine condition monitoring solutions require high initial investments and customizations.

Competitive rivalry: The competitive rivalry is high due to the presence of established players focusing on product innovation.

Key Takeaways

The Global Machine Condition Monitoring Market Demand is expected to witness high growth over the forecast period. The global Machine Condition Monitoring Market is estimated to be valued at US$ 3965.6 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023 to 2030.

Regional analysis: North America holds the largest market share primarily due to the high adoption of advanced technologies across industries for predictive maintenance in the region. The Asia Pacific region is anticipated to grow at the fastest rate during the forecast period.

Key players: Key players operating in the machine condition monitoring market are Ceec Trucks Industry, Dongfeng Motor, Cheng Li, Curbtender, Cnhtc, Zoomlion, Foton car, Fujian Longma sanitation, Dennis Eagle, Labrie Enviroquip, Faun, McNeilus Truck & Manufacturing, EZ Pack, and Bridgeport Manufacturing . The market players are implementing various inorganic strategies like partnerships and new product launches to increase their market share.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it